BTC Mining Becomes More Competitive, Hash Rate Hits 207 EH/s
- Bitcoin network difficulty has reached a record high of 28.6 Trillion.
- Mining revenues have dropped sharply in the past 6 months.
Bitcoin (BTC) touched an all-time high of more than $68,000 in November last year. The price of the world’s most valuable digital currency directly impacts its mining revenues. Amid BTC’s recent price correction, the mining revenues have dipped by over 50% since October 2021.
Declining revenue is not the only factor affecting the BTC mining ecosystem. Its network difficulty, which evaluates the competitiveness in the mining sector, reached a record high of 28.6 trillion in April.
Earlier this week, the BTC hash rate touched 207 EH/s, which is up by more than 140% compared to 85 EH/s in July 2021. With rising mining rate, declining revenues and price corrections, Bitcoin mining is becoming more competitive for leading players in the industry.
“Despite network transaction fees being near all-time lows in (BTC denominated terms), the competition in the mining industry continues to set new all-time highs. The protocol mining difficulty has now reached a new ATH, with each Bitcoin block requiring 122.78 Zettahashes to solve. This would be equivalent to all 7.938 billion people on earth each guessing a SHA256 hash 15.5 trillion times, every 10 mins to solve each Bitcoin block. Quite extraordinary,” Glassnode noted in its report.
